Setting marketing objectives is critical. These objectives will drive your firm forward, and it is therefore imperative that you set these goals as accurately as possible. Motivational speaker Zig Ziglar said, “A goal properly set is halfway reached.”
When setting objectives, you have to set SMART objectives. Use the following guidelines when setting your marketing objectives:
- Specific – Identify real numbers and targets with deadlines that you want to achieve.
- Measurable – Ensure that you can measure your marketing success/ROI.
- Attainable – Work toward a goal that is challenging but possible.
- Realistic – Keep your capability in mind when setting objectives.
- Time-bound – Pick a deadline for your task and work towards it.
So, what are the main marketing objectives your firm should strive to achieve?
- Create awareness and demand. Use various marketing channels to create a demand for your service or product. Focus on the preferences and perceptions of your clients. Exclusivity of a product or service is widely used to increase demand. Inform clients of the usefulness and practicality of what you offer.
- Increase client satisfaction. Always be aware of the demands of your clients before you offer them a service or product. Clients’ satisfaction is more important than making the sale. Always remember that your business begins and ends with the client.
- Expand your market share. Every firm should aim to expand their market share. Innovation is one of the best ways to achieve this. Focus on strengthening relationships with clients and promotions to increase your market share. Also, focus on keeping your clients satisfied in order to minimise unhappy clients.
- Increase profits. If your firm is not generating profits, it will not survive in the market. Use marketing to grow your client base, increase transaction sizes and the frequency in which clients make use of your service or product. Profits are also needed for the growth and diversification of the firm.
- Build you firm’s public image. To build up the public image of your firm over a period of time is another objective of marketing. The marketing department creates the messages for quality service and products to clients at reasonable prices and thus creates its impact on the customers.
Plan and develop your marketing strategy around these objectives to achieve the best possible outcome for your firm. The objectives set out what a firm wants to achieve from its marketing activities. They need to be consistent with overall aims and objectives of the business. They also provide an important focus for the marketing team.
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This article is a general information sheet and should not be used or relied on as professional advice. No liability can be accepted for any errors or omissions nor for any loss or damage arising from reliance upon any information herein.